What is the market value of my property?
This is the retail selling or purchase price of your property. When you are looking for home insurance it’s important to get your property evaluated by a professional. This will make sure that in the event of damage to your home, it is valued correctly.
What does it mean to be underinsured?
This means that you do not have adequate insurance to cover the full replacement value of your house. It’s important to make sure that you get a professional to accurately assess the value of your home.
Will alterations to my home affect my home insurance?
Yes, this changes the replacement cost of your property. If you alter your home in any way you need to make sure that you inform your home insurance provider.
What factors can affect home insurance premiums?
- Home features and characteristics
- Location- where the house is located.
- Protective Devices- any security features fitted in your home.
- Personal Factors
- Claims history
Why should I complete a home inventory?
With a complete home inventory, your insurance company can verify property easier, which makes settling your claim easier.
What is the difference between cancelling and non-renewal of a home insurance policy?
Cancellation can occur under these circumstances:
- The policy has been in force for less than 60 days
- You fail to pay the premium
- You commit fraud
Non-renewal is a decision that you or your insurance company can make to discontinue coverage at the end of an insurance policy term.
Do I need home insurance?
You can protect your property but also what’s inside it in the event of theft or damage caused by fire or even natural disasters.
Buildings insurance is cover for the actual structure of your home, while contents insurance covers your personal possessions and valuables against accidents, theft and loss.